Income Tax : The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepa...
Income Tax : The new Income Tax Act, 2025 significantly reduces the number of statutory sections and reorganises tax compliance procedures effe...
Income Tax : The case emphasizes that ignoring clarification notices may result in denial of deductions and exemptions. Taxpayers must substant...
Income Tax : Many taxpayers receive notices despite exemption due to AIS-ITR mismatches. The case highlights that non-reporting of even exempt ...
Income Tax : This analysis explains how employer-leased cars reduce taxable salary since only a prescribed perquisite value under Rule 3 is tax...
Income Tax : A government official was arrested for demanding and accepting ₹1.5 lakh to wipe off outstanding tax liabilities. The key takeaw...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : CBDT’s 2024-25 APA report details 174 new agreements, including record bilateral deals, advancing tax certainty and reducing cro...
Income Tax : All Odisha Tax Advocates Association requests due date extensions for AY 2025-26 ITRs and Tax Audit Reports citing portal glitches...
Corporate Law : Professionals request an amnesty scheme for partnership firms in Maharashtra to regularize past lapses and ease compliance with Re...
Income Tax : The Gujarat High Court held that revisional powers under Section 263 cannot be invoked merely because the Commissioner prefers ano...
Income Tax : Delhi High Court held that seized amount is prima facie proceeds of crime and not lawful income hence to treat such amounts as tax...
Income Tax : Mumbai ITAT allowed Mahindra & Mahindra's appeal, holding that advertisement and sales promotion expenses of ₹3.26 Cr for 'Mahin...
Income Tax : The ITAT in Mumbai has restricted an income tax disallowance on alleged bogus purchases for Quality Heightcon, capping it at 12.5%...
Custom Duty : Delhi High Court permitted the petitioner to pursue a customs duty appeal before CESTAT by depositing 50% of the required pre-depo...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My h...
DGFT : Following DGFT services will not be available from 1 st June 2021 to 6th June 2021: i. Application for a new IEC ii. Application f...
Income Tax : A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note abou...
Income Tax : The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total...
The Central Board of Direct Taxes (CBDT) has sought a detailed report from the field formation in Mumbai over the reported “income- tax refund scam” in that jurisdiction. “The Government has called for a report. We are monitoring the situation,” sources in the CBDT told today.
In a reprieve to the assessees, the Supreme Court has ruled that the Income-Tax Department cannot re-open the assessment cases arbitrarily but on the basis of some ‘tangible material’. If armed with unrestricted power to re-open the cases against assessees, it will amount to review of the assessment by the assessing authority, said the apex court.
If you’re worried about what questions your income tax officer will ask about your returns, you can relax a bit. The department has decided to take up fewer tax returns for scrutiny this year. The Central Board of Direct Taxes had issued an internal circular in December 2009, asking commissioners to select fewer cases for scrutiny.
About Rs 4 crore has been siphoned off the I-T system by some unidentified fraudsters with the help of bogus PAN cards, e-returns and e-refund orders. The I-T refunds claimed on the basis of these bogus documents have been deposited in some bank accounts opened in the name of persons who have never paid any income tax.
Those trying to evade the taxman may find that showing a lower income has just got tougher. The Bombay high court on Thursday, in a significant ruling, held that the income-tax department can rely on any relatable document when it comes to a block assessment. A bench headed by Justice D Y Chandrachud essentially made it easier for the tax officials to add or join other monies into the `income’ bracket based on surveys or search and seizures
Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special audit of the tax returns filed by the IT firm. In its petition, Oracle India, a subsidiary of global IT firm Oracle Inc, requested the court to stay the direction passed by the Income Tax Department which had on December 29, 2009, ordered it to do a special audit of the tax returns filed by the firm for financial year 2006-07.
In one of the largest seizures of cash in an income-tax raid on an individual, the department on Tuesday recovered Rs 7.5 crore from the premises of a reputed nutritionist based in Vile Parle. Nutritionist Sarita Davare is known to have helped several high-profile Bollywood personalities , including Farah Khan, Sonu Niigaam and Hariharan, shed extra pounds in just one sitting.
No, this isn’t an ungrammatical anti-BCCI tirade from a rival cricket organisation. It is, rather, what the income-tax department has to say about the BCCI in its assessment order dated December 30 last year while disallowing tax exemptions for the organisation. The exemptions were earlier being granted on the grounds that promoting cricket was a “charitable” activity.
A dozen private nursing homes and hospitals today lost their approval granted under Section 17(2) of the Income Tax Act on the basis of an assessment conducted by the Department of Income Tax, Chandigarh. According to Chief Commissioner (Chandigarh region) P K Chopra, this has been done after it came to the notice that hospitals and nursing homes reviewed were not employing adequate number of medical staff (doctors and nurses) required under the prescribed rule.
The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2009-2010 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department-
